USMCA Delayed, Tariff Relief Anticipated

President Trump is expected to sign an executive order giving companies a 90-day grace period to pay tariffs, though the exemption will not apply to imports of steel, aluminum or a wide range of Chinese goods.

Lawmakers and business groups have ramped up pressure on the administration to grant tariff relief to companies reeling from the coronavirus pandemic and the economic fallout.

Myron Brilliant, executive vice president for the U.S. Chamber of Commerce, said the relief would provide “welcome breathing room for American businesses and consumers.”

In other trade news, the USMCA will not go into effect on June 1 after officials in the U.S., Mexico and Canada failed to meet a deadline last week. The earliest date that the updated North American trade deal can enter into force is July 1.